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Bicycle repair/sales start up store

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  • 09-07-2020 11:38am
    #1
    CBear1993
    Banned (with Prison Access) Posts: 1,397 ✭✭✭


    This will come across as lazy, but what are the challenges of opening opinions a bicycle shop in North Dublin suburb? My partner/investor is a cycling fanatic and former triathlete which is a help but coming from a construction background I am bringing the (questionable) business acumen to the table, very little cycling experience.

    I have located a unit in a developed area with strong growth and population is due to increase with new apartments/houses over the next 5-10 years. We are liaising with the local politican to try and negotiate with the unit owners a more attractive rental rate. In the area there has been a lot of new buildings but the units have lay empty unfortunately.

    There is great demand in the community for more services and a recent poll on social media was carried out, my idea was near the top of the poll of the bicycle shop.

    Is there any real challenges, as in - coffee shops/restaurants need licenses and certifications etc.

    Or is it as straight forward as renting the unit, fitting it out, and liaising with a bicycle powerhouse - getting in a few of their bikes for sale, and getting a reputable repair person to work in the store?
    The footfall in the area is high with a lot of commuters.

    Thank you in advance, I'm in my mid 20s so not a lot of experience in this.

    I did try to contact my local LEO but they weren't overly helpful. They explained that their main targets for grants at the moment are manufacturing sector who can export internationally and online markets, which is understandable.
    I'm not going to set the economy alight with this idea but it's in demand based on my neighbours input to the poll....


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    #2
    antoinolachtnai
    Registered Users Posts: 9,774 ✭✭✭antoinolachtnai


    It's a better idea than opening a cafe anyway.

    You really need to find someone who has done this successfully, perhaps in another country and talk to them about it. Look around and see if you can find a book or a discussion forum or something.

    Basically, this market has been changed over last 20 or 30 years by the multiples who pile and sell bikes high and cheap, and the Internet, where you can buy a massive range of bikes without actually seeing the goods.

    I personally think the repair and maintenance will be the heart of these businesses, rather than the sales. It's very much about service.

    All the usual issues of retail apply. An average e-bike is going to be 800 or 900 euros. If you want to keep these in stock, you will need credit, and that will be a problem.

    Your partner needs to guard against temptation of turning this into a shop for the kind of bikes he would like to buy. The opportunity is the middle market, just regular people who have or want a bike.

    This is all just opinions though, I don't know much about it. You really need to go out (beyond Ireland) to understand this particular sector and your possible part in it.

    Ask your county councillor if he can do anything to help you get assistance from the LEO.


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    #3
    y0ssar1an22
    Registered Users Posts: 16,174 ✭✭✭✭y0ssar1an22


    i cant really comment on the day to day running of the business. but you should look to these 2 schemes to help finance the venture:

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/investment/relief-for-investment-in-corporate-trades-for-in/start-up-capital-incentive.aspx

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/investment/relief-for-investment-in-corporate-trades-for-in/start-up-relief-for-entrepreneurs.aspx

    feel free to PM me with any questions


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    #4
    CBear1993
    Banned (with Prison Access) Posts: 1,397 ✭✭✭CBear1993


    Thanks for the advice and resources to both of you, much appreciated :)


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    #5
    enricoh
    Registered Users Posts: 4,841 ✭✭✭enricoh


    What will the overheads cost per week - rent, rates , insurance, cameras, alarms, staff? Etc. Compared to a steel tech shed in the back garden n if it justifies it move in a year or two. I reckon there'll be more units available next year due to the economy unfortunately and you could drive a harder bargain.
    I'd imagine the servicing/ repair end of it is where the few Bob lies or what percentage do bike shops get their dough from sales v servicing.
    Good luck


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    #6
    Eircom_Sucks
    Registered Users Posts: 3,193 ✭✭✭Eircom_Sucks


    CBear1993 wrote: »
    Thanks for the advice and resources to both of you, much appreciated :)

    What suburb ?


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    #7
    CBear1993
    Banned (with Prison Access) Posts: 1,397 ✭✭✭CBear1993


    Dub 15


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    #8
    Eircom_Sucks
    Registered Users Posts: 3,193 ✭✭✭Eircom_Sucks


    CBear1993 wrote: »
    Dub 15

    Is ur partners name Adam ?

    Cyclezone in the main village have a good reputation

    There used to be a diff shop in mulhuddart and did f all business


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